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tv   World Business Today  CNN  March 1, 2011 4:00am-5:00am EST

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you're one of life's great characters. you've fallen by the wayside a little bit, but everyone's entitled to a second go. >> there you go. >> i wish you luck with it. >> thank you. keep winning. >> an extraordinary interview with charlie sheen. i mean what i say, i hope they resolve it, and he's back on one of the best shows on tv, after all. that's all for us for now. hello, i'm monita rajpaul. the u.n. says more than 1,000 people have been killed in libya in the past two weeks.
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iran's opposition is calling for a rally to protest against the alleged attention of two opposition leaders. an opposition website say two have been imprisoned after being under house arrest for more than two weeks. the news agency denies the report. egypt's attorney general has barred hosni mubarak and his family from leaving the country. he has also frozen all assets belonging to mubarak and his family. one report says mubarak has secret bank accounts holding a total of $147 million. islamic hard-liners in indonesia are promising widespread protests to get a minority muslim sect outlawed. those are the headlines.
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i'm monita rajpaul in london. "world business today" starts right now. i'm emily rubin. >> and a very good afternoon to you from cnn hong kong, this is "world business today." the top stories on tuesday, march 1st. unrest in oil-rich countries have sent oil prices soaring but how accountable are oil companies to those protesting on the streets? slumping profits and a sinking share price but china's answer to youtube says amazingly, things are looking up. and more than a billion dollars to compensate farmers. we'll bring you shocking footage from south korea as it struggles with the foot and mouth outbreak. first let's take you straight to the stock market action now, starting in europe. we've seen some gains at the opening with markets trading, yesterday's gains on wall street
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are all up, the lon son ftse 0.7, the dax up 1.05, the paris cac also up and the zurich smi are also up. the euro and the point ready gaining against the u.s. dollar.the dolldollar. the dollar falling against the japanese yen. >> the waenger yen helped give japanese stocks a boost. the nikkei in tokyo is up. most of the major markets have finished the session higher. in shanghai, the market rose after new manufacturing data showed there may not be a need for any immediate tightening measures. two straight surveys showed china's manufacturing growth slowed in february but still remained at a healthy level.
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beijing's official purchasing managers index slipped slightly to 52.2 last month. that's down from 52.9 in january. and hsbc's february pmi reading fell to a seven-month low of 51.7, down from 54.5 in january. any figure above 50 signals growth. well, shares of hspc fell more than 5% in hong kong trade as asia got its first chance to react to the company's full-year earnings. the company's results were released after the close on monday. its profit more than doubled from the previous year to $13.2 billion. but, here's the key, it's still missed expectations. it's pre-tax profit came in at $19 billion. hsbc's asia-pacific ceo breaks down the numbers. >> whichever way you look at it, $19 billion is a lot of money, an increase of 169% from last
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year, that's on a reported basis. and also, as far as the ratio is concerned, we have incressed the ratio from 9.2 to 10.5 after paying $6.3 billion in dividends and also, as far as dividends is concerned, we've increased dividends by 6% this year and we'll increase it by 12.5% the first three quarters of 2011. >> a lot of american but still below expectations. hsbc still hopes to become the first company based outside china to list on the shanghai compass it. emily? u.s. stocks began the week with solid gains. in monday's session, here's how the numbers settled. the dow closed 0.75% higher. the nasdaq inched into positive territory and the broader s&p added more than half of 1%. february was the third straight month of gains for the big u.s. stock indices. u.s. markets look set for a
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higher open when trading begins later on tuesday. this is where u.s. futures stand in the premarket action. the dow 30 up 0.50. the nasdaq up 0.71 and the s&p 500 up 0.6. we take you to libya where leader moammar gadhafi in a rare interview with abc and the bbc denied his people of protesting in the streets against him. >> they love me all. >> if they do love you -- >> they will die to protect me and my people. >> well, whatever your position on that, gadhafi's opponents got a boost on monday from the united states and the e.u. both are freezing assets held bit libyan leader, his family and close associates. washington says it blocks $30 billion in libyan government holdings. we'll take a look at gadhafi's vast wealth, including some of the frozen assets a little later
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this hour. emily? the unrest in libya and the middle east has been rocking oil markets. oil is still trading at around two-year highs. but has eased back slightly. right now, nymex crude is up 15 cents, going for about $97 a barrel in electronic trade and brent crude is up 14 cents at the moment, trading just under $112 a barrel. >> oil and gas have made companies that produce some of the world's most profitable. but manufacture those countries that are home to that great wealth are also home to some of the world's poorest communities. it's a volatile mix with implications for politics, business and for law. well, new data is out and it sheds light on anti-corruption efforts across 44 oil and gas companies around the world. our asia business analyst has those findings for us. >> between 12008 and 2011 oil
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and gas companies have become more transparent. that's according to a report released by transparency international, a prominent anti-corruption organization. coming in at number one is bg group, that's based in the united kingdom and it scored the highest of the 44 countries you mentioned in transparency international's survey, coming in at 93%. coming in at number 2 is bhp, of course, based in australia. that scored 84%. number three was bp, not to be confused with bg. bp also scored an 48% on this survey. that's the best companies that came in. as for the worst oil firms, transparency found these eight are the worse. gazprom, this is based in russia and it holdings a controlling steak in the company. iran, nioc, the national iranian
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oil company came in at 0. and also want to take a look at sonstrach. the algerian state-owned oil company. one very interesting point, between the best and the worst in this category, the best are all publicly traded multinationals, the worst here are all or partly state owned. taking a look at transparency international's graph, the lower the anti-corruption, the more likely the oil company is. >> interesting stuff. let's take it over to emily. >> we're going to take a look at those numbers with transparency international. the chairperson joins me from berlin. thanks for joining us. why does it matter that so many of these companies simply aren't transparent? >> it martes so much, because in
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a number of countries, oil production can be or oil revenues, oil and gas, can be up to two-thirds of the government revenues. in certain countries, for example, like libya, algeria, yemen, bahrain, saudi arabia, they can be up to 95% of their exports. so if you have transparency in what those companies pay to the government in royalties, in dividends, and yet the government in return does not publish publicly what they receive, then the danger is very high for a lot of that money to go into offshore centers, in private hands of the elite in the country and, therefore, not benefiting the development of the country. and actually, you know, two-thirds of the world's poor live in resource-rich countries.
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it gives us an idea that if we were not to lose a lot of that money to offshore centers, that hopefully we would have much less poverty in these countries. >> the timing of your report is very fortunate and relevant given what's going on in the middle east. what light in particular does it shed on the situation in libya? >> yes. well, you know, libya is a good example. where, for example, in that country only oil from norway gives any kind of transparency and publishes a lot of what they do. the other world companies that operate in that country do not publish and have very little disclosure. you see, within we're talking about disclosure, it's very important for the disclosure of what they pay to the country. but also it's important that
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they disclose publicly who, you know, where there's subsidiaries are registered, who are their equity partners? because you could have a number of leaders from these countries and people around them who are major equity partners in some of these oil companies outside of their own country. and, therefore, you know, have a lot of money that -- or revenues, potentially, coming out to them from the net revenues of those subsidiaries. so it's vital because what you also find is that when you have obscu obscurity, when you have a closed system, when the people of a country do not know where the money -- of where the exportation of their resources go, then it's very dangerous for
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corruption and we see it, of course. >> how important is regulation when it comes to making these companies more transparent for the benefit of the population, the companies operated? we're seeing new regulation coming out of america now, aren't we? how important is that going to be in forcing companies to disclose more information? >> it's very important. and we see from this report that the list of companies are doing much better in terms of transparency, because this is part of the regulatory framework that they operate in. so we recommend to the governments who are home to these oil and gas companies to regulate properly, to regulate the disclosure, the public disclosure of a number of items, those that i mentioned earlier of subsidiaries, equity partners and of disclosing what they pay, not just in the -- in an overall
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way but country by country. because if a company says, well, we, you know, we provide royalties in the aggregate to 25 countries for the sum of "x," it's not helping those individual countries and the people of those countries to know what revenues are coming in. so the country-by-country disclosure is vital. that's where regulations becomes so important. and, therefore, the kinds of u.s. regulation that's being passed, i think that european countries and other countries in north america and around the world should really look at very carefully. and we urge them to provide the kind of regulatory framework, which will hopefully be very important in cutting down some of that corruption and some of the loss of money for the people of those countries.
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>> i'm sure you'll be keeping a close eye on that. thank you very much for joining us from berlin. >> now, youku, the profits haven't been quite as impressive. we'll talk to the company's ceo in just a sec. stay right there. for a sweet & salty bar irresistible, by nature valley.
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call the number on your screen or visit tempurpedic.com/cloud. tempur-pedic. the most highly recommended bed in america. welcome back from cnn london and hong kong, this is "world business today." new zealand pauses to honor victims of last week's earthquake. two minutes of silence were observed at 12:51 p.m. local time this tuesday.
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that marked the time a week ago when a shallow 6.3 magnitude earthquake struck christchurch. the death toll has risen to 154 and is expected to rise further. the earthquake caused much of the central business district in christchurch to crumble. prime minister john key estimates the cost at as much as 12 billion u.s. dollars. now, finance minister bill english has hold radio new zealand that the new zealand economy is unlikely to grow this fiscal year. that statement is bourne out by figures from the new zealand institute of economic research. it's revised its 2011 growth forecast from 2.3% to 0.3%. the institute estimates delays in rebuilding christchurch will reduce the gdp by 0.5% each quarter. fears have driven the new zealand dollar lower.
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it's currently hovering at 75 cents against the u.s. dollar. meteorologist jennifer delgado is standing by at the cnn weather center. >> the weather has cooperated over the last several days in christchurch. we have a storm system coming in off the tazman sea. that will bring in gusty winds as well as a chance for rain. we are going to continue to see those winds picking up as we go into the overnight hours as well as into early tomorrow morning and early through the midday. we could see wind gusts up to 90 kph. that works to 60 miles an hour. i point it out to you, because so much of the area dealing with mini structures that are actually not so sturdy. we're talking many of the structures, if you add in the wind gusts of 09 kph, that could cause damage. here's the storm system moving in from the tazman sea.
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along with it, it's going to bring in some rain. we will see showers and thunderstorms moving into the overnight hours as well as tomorrow. the other part of the story as this comes through, this will be blowing around. if you remember last week, we talked about liquidification last week and how some of the sand sediment mixing in with the water coming in from the ground with the increased pressure. that is drawing out. with the winds coming through, that is going to be enough to send that dust into the air and that's going to make conditions difficult for people with breathing problems as that dust particle will be blowing around as we go throughout the overnight as well as into the morning. good idea to actually close those windows or certainly try to put on a mask. again, it is going to be a windy day out there. you have to keep in mind, manufacture the trees, you think about the power lines, those are also still not very sturdy with the earth shaking around. those winds will be enough to certainly cause damage to str k
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structures as well as the trees and power lines. back over to you. >> thanks for that, jen. we'll be back with "world business today" after this. well-being. we're all striving for it. purina cat chow helps you nurture it in your cat with a full family of excellent nutrition and helpful resources. purina cat chow. share a better life.
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welcome back. you're watching "world business today" live on cnn. good to have you with us. chinese company youku is building up its revenue but not fast enough it seems. shares in the online video site fell nearly 11% in after-hours trading on the new york stock exchange monday. youku lost $5.7 million in the fourth quarter. however, that was still an improvement, would you believe, from the $7 million that the company lost in the same period last year. a sharp rise in brand advertising on the online video site often compared to u.s.-based youtube helped revenue more than double in the fourth quarter from last year. to $23 million.
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emily? also making headlines, even from behind bars is convicted fraudster bernie madoff. madoff has given a series of phone interviews from inside prison to "new york" magazine. carol costello listened to the conversations of a broken man. >> reporter: in more than a dozen phone calls, convicted ponzi schemer ber nerd madoff opens up to new york magazine about his multibillion dollar fraud. mostly madoff talks about himself, the stress of running the fraud and even insists he is, quote, a good person. >> it was a nightmare for me, yes, of course, only for me. >> reporter: he says imagine going home every night not being able to tell your wife, living with an ax over your heads, not telling your sons, my brother. seeing them every day in the business and not being able to confide in them. madoff is serving a 150-year sentence in a federal prison.
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but he says, quote, everyone was greedy. i just went along. it's not an excuse. madoff says in his view, several hedge funds and banks were complicit. he believes manufacture his victims will get a substantial amount of money back. he shows little sympathy for his investors. these people probably would have lost all that money in the market. i'm not trying to justify what i did for one minute, i'm not. madoff maintains that his family knew nothing about the fraud and says his wife, ruth, who initially stood by him has cut him off. >> angry at me, of course. how could she not be angry at me? she tries not to be but it's hard not to be. you know, i destroyed our family. >> reporter: in december, madoff's younger son, mark, committed suicide. madoff says, quote, let me tell you, i cried for well over two weeks. i cried and cried. i didn't come out of my room. i didn't speak to anybody and so on. i have tears in my eyes when i'm talking to you even.
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not a day goes by that i don't suffer. carol costello, cnn, atlanta. >> many countries are freezing moammar gadhafi's assets. now they have to find them. so we go on the hunt. and look at a luxury house that may be on the list. and in south korea, millions of farm animals are being culled as the government battles its worst ever outbreak of foot and mouth disease. open an e-trade account and open doors, seize opportunities, take action with some of the most powerful yet easy-to-use trading tools on the planet. all built to help you maximize the potential of every dollar you invest. successful investing isn't done by throwing ideas against the wall and hoping. it's done by lowering your costs and raising your expectations by using unbiased research and powerful screeners to build a diversified portfolio with stocks, bonds, mutual funds and every etf sold.
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from cnn london, i'm emily rubin. >> and i'm in cnn hong kong.
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welcome back to the program. let's take another look at how european stock markets are moving now. here's where they stand, about 90 minutes into the trading day. shares are generally up this morning with markets trading, yesterday's gaines on wall street, the london ftse up 0.4, the xetra dax up 0.72 the paris cac also up 0.4 and the zurich is up as well. the nikkei gained more than 1% bit close, as you can see, an easing in oil prices has also helped lift investor sentiment across this region. most of the region's major markets have finished higher in shanghai, the index rising. that was connected to new data showing that manufacturing growth slowed in february. meaning there may not be a need for any immediate tightening measures, something people are watching closely. shares of chinese youku fell nearly 11% in after-hours
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trading on the new york stock exchange on monday. this after the company reported another big slump in profits. as we told you earlier, youku lost $5.7 million in the fourth quarter. let's get the story behind those results and find out what it is the company expects in the coming quarters. we're joined by youku founder and ceo, mr. ku. warm welcome to the show. you have h this impressive debut in new york in december, yet here you are still not profitable after all this time. i would be losing sleep. what's your magic formula? >> well, the path of profitability for youku is very clear. s so you see from our recent earnings announcement, year-on-year growth was 152% between 2009 to 2010 to 59 u.s. million dollars.
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our sequential increased over the same period of 2009 was 183%. so our cost structure is growing at a much slower pace. so that shows a clear path to profitability over time. >> okay. let's talk about raising ad rates. do you think that would get you to your goals any faster than you might have previously expected? >> i think the key here is really growing the klein the base as well as growing the average revenue per client. looking at our results, you see that our year-on-year increase in number of client base have gone up 40%. and our arpu have grown as well. online videos are becoming more accepted in the widespread advertising community. >> just trying to speak over the car horns in beijing. they're pretty loud. you have said that youku, you
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want as a company, you want to be a corporate citizen, of course. but it is said out there that one of youku's accolades in terms of the people who use online video is if you can't see it on youtube, because you're slightly concerned about where the video comes from, you go to the likes ever youku. there was a time when people might have said that is good for you but it isn't really. >> but the nature of the content consumption in china is fundamentally different from the u.s. for example, on youku, 70% of our viewership actually comes from professionally produced con ten from the television stations as well as movie and television production studios. so the pure form con ten is the only mixed up 25% to 30% of our viewership. we also have a direction where we produce our own web-based movies as well as tv series
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called youku originals, which is doing very well as well. >> how are you going to survive the onslaught of competition in china, because you're not the only one who's doing this. >> sure. when we started the business, there were a lot more players, 300 plus reported in the media. but the market has been consolidating over time. we're clearly number one where we've actually been able to extend our lead over the number two play in the market to now twice their size in terms of user time spent. we see the ongoing user growth as well as the recent ipo has helped us in many ways in terms of building, enhancing our brand as well. >> okay. we'll leave it there for now. thanks so much for your time, victor koo in beijing, of youku, good luck to your march to profitability in the years ahead. it was an upbeat end to the
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month for traders and investors on wall street monday. with all the details from new york, here's alison kosik. a solid session for stocks to begin the week and finish the month. the major averages closed out february on the plus side. their third straight monthly gain, though february was not without hiccups. rising oil prices, political unrest in the mideast and mixed economic numbers began to threaten a prolonged rally, meaning march could be a turning point for the market in 2011. as for monday, the dow gained 59 points, closing at 12,226. the nasdaq and the s&p 500 each made slight gains. i'll prices eased further from last week's runup. crude closed below $98 a barrel in new york trading. reports of tankers full of crude were leaving ports in eastern libya helped calm fears about supply concerns as did other reports that saudi arabia was boosting its exports to make up for lost supplies from libya. there was solid economic data to talk about monday.
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personal income surged 1% in january in part because of changes in tax laws that fattened up paychecks. americans chose to hold on to the extra money. the personal savings rate moved higher while spending slowed. investors ring in the new month on tuesday. we'll get a look at february car and truck sales as well as reports on manufacturing and construction spending. that's a wrap of the day on wall street. i'm alison kosik in new york. tunisia suspended stock trading on monday after two ministers from the interim government quit. there's been no word on when it will re-open. the egypt stock market exchange was supposed to open today but it didn't. officials say if things go well, trading should resume on sunday. the exchange has been closed for more than a month because of the unrest in the country. and that unrest forced former egyptian president hosni mubarak to leave office, now egypt's attorney general has slapped a freeze on the assets of mubarak and his family.
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they also prohibits from leaving the country. the report says mubarak has amassed almost $150 million illegally. now, south korea is under fire for the handling of its worst ever outbreak of foot and mouth disease. critics say the authorities were too slow to react and their response to the problem is inhumane. the south korean government says that it will cost about $1.4 billion to get things back to normal. that figure takes into account vaccinations, culling and the compensation of farmers there. the disease is taking a toll on livestock in a way that's attracted criticism from around the world. and it's also a disaster for farmers. let's go to cnn's paula hancocks who's covering this story for us from our bureau in seoul, south korea. paula?
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>> hello, this is by far the worst outbreak this country has ever seen. at this point, 3.4 million animals have actually been killed. 30% of the swine population in this country has been culled. 4% of the cattle population has been culled. and the rest have had to be vaccinated. there is a lot of controversy here. many farmers not happy. they believe that the government did not act quickly enough at the beginning, at the end of november when this outbreak first sparked and they also don't believe they have done enough to try and contain the outbreak. it's still not under control at this point. i did speak to the agricultural minister here in south korea and he hoped that it could be contained by early march. now, farmers currently on their second round of vaccinations but there's also concern that these vaccinations will not help at this point. so farmers really are very angry that they believe the government has not done enough and also
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animal rights activists here in south korea are up in arms, there have been -- there's been footage given to cnn and other footage showing that some pigs were actually buried alive. and certainly the farm minister told me he didn't believe that that should have happened but maybe there weren't enough doses to go around. gruelling footage of pigs being buried alive which have these animal rights activists angry at the government as well. now, the government says that it is doing all it can at this point to try and contain the outbreak. and also the outbreak has reached north korea. so obviously that having a very strong impact in that country, it's believed, as they already have limited food supply. >> so far as the complaints from animal rights activists, paula, and what they have seen, has there been any reaction or talk of an investigation into that? and also, why was the government so slow to act? do we know? >> the agriculture ministry
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itself is saying they weren't slow to react. when i spoke to the minister, he sid the reports from the farmers themselves were quite slow. it was difficult for the ministry to act as quickly. it is a case at this point of both sides blaming each other. the ministry says it has a hot line open for people who believe the infection may have spread to their farm to call. they're also putting a lot of money into this problem, compensation, they say they are paying, for example, one farmer we went to see up in the northern parts of south korea said that he had 169 cattle, the very high quality hano beef that were culled. he's gotten $11,000 in compensation so far. he's expecting another $11,000. these farmers are losing their entire livelihood and also years of breeding. just this one farmer said he had
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15 years of breeding and had a very good quality of beef. now he has to start from scratch. >> i was in the uk. i remember the impact that foot and mouth disease had on farmers there. it was absolutely devastating and of course, you can't account at this stage in south korea for the amount of money the economy is going to lose. is there anyone out there able to calculate this, people have obviously been talking about it, i'm sure. >> absolutely. this is the exact question that i asked the agriculture minister. he said he couldn't put a price on it, he couldn't pick a figure because, quite frankly, it's still in the middle of this crisis. the disease is not yet under control. the figure that we had from january, about the 20th of january they gave a figure of $1.4 billion, which you mentioned. that is obviously going to be higher because the disease is still not under control. and for the farmers, there have been many local reports of the farmers themselves being under huge amount of stress. reports of farmers committing suicide and also of the farm workers who have to cull the
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animals being treated for trauma, being traumatized by what they have had to do. it's a devastating outbreak. it is the worst outbreak this country has seen as as yet, it is not under control. >> paula, thanks for bringing us up to date. paula hancocks in seoul. when is hot too hot? china is looking to cool its economy down and reign in rising prices. what will this mean for the cli these? and one of the hot names in fashion is under fire. john galiono, accused of a racist rant. we'll tell you how the house of dior responded. those brand new clouds. ask me what it feels like to be comforted by a cloud. a new tempur-cloud supreme... by tempur-pedic... ask me why we love our cloud... ask me how it's soft as a cloud... and still supports me. ask me why this is a million times better than my pillow-top. a pillow-top may look nice and puffy, but underneath
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bank of england governor mervyn king is being quizzed by the uk treasury department this thursday. inflation in britain rose to 4% in january, double the central bank's target of 2%.
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he repeatedly said he believes the inflation rate will proverbially fall. tackling high inflation is very much a priority in china as the government tries to prevent overheating in what is the world's second biggest economy. china's consumer price index, a key measure of inflation rose 4.9% in january from last year. it's up from 4.6% in december. now, it was less than analysts' forecast. but it is above beijing's full-year target of 4%, quite significantly. high food prices continue to be the main driver of rising inflation. the cost of food was up 10.3% in january from a year ago. china's central bank has been trying to crack down on surging prices by raising reserve requirements for banks and also increasing interest rates. it's jacked up benchmark lending and deposit rates by a quarter
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of a percentage point, three times since last october. so what can we expect looking forward? we have the managing director and chief economist of greater china of morgan stanley. he's right here with us in the studio. it's inflation, inflation, inflation, coming from all of these different angles. >> yes. indeed inflation will be a key theme for chinese economy this year. and we expect inflation rate will remain high, at least through the first half of the year. therefore, it calls for aggressive policy tightening as you indicated, we expect another two rate hikes in the first half this year. and, of course, china always rely on controls over credit and money as another tool to control inflation. >> you talk about rate hikes.
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what type of hikes are you expecting, 0.25 or 0.5? >> each time 25 points. this is typical in china. the policy in effect in managing inflation pressures is not rate hikes. in the past, the chinese authority relied on control over quantity. if inflation keep rising beyond the current level, we could expect intensified effort from chinese authority. >> the problem, obviously with things like the food price inflation is something people are facing globally and these are factor which is are to some extent externally driven. to what extent can china manage the food price inflation better? >> not only food prices, in fact, with now the oil prices at over $100 per barrel and broad increase in global commodity
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prices, that add to the inflation of pressure from import source. this so-called inflation pressure would require another policy, too. that is the stronger currency. we expect china will continue to all allow the yen to appreciate against dollar. it implies about 6.5% inflation against dollar. >> in a way that's fascinating. there's been so much talk in the last few years about that exchange rate. now it's as if, you know, various inflation pressures have pushed the chinese in that direction anyway. >> indeed. a lot of -- to appreciate china's interest now, especially in the context of inflation and inflation pressure coming from outside china, i think the best tool to use to contain inflation pressure is the currency, is the
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appreciation. >> in some ways is that a bit of a historic moment, that the world is changing and china's realizing it's having to have a policy shift to change with it. >> that's true. the world is changing not only in terms of near-term conditions like inflation, also the world is changing in the balance between developed and emerging market economies. in chinese effort to boost demand and rebalance the economy. it's taking a lot of positive measures. i think currency appreciation not only helps control inflation in the near term, also helps china to achieve its objective of rebalancing the economy by boosting the demaned. >> fascinating stuff and a lot of work to be done. we have to leave it there. wang qing, thank you. >> thank you. >> emily? during fashion week in paris, it's usually the models on the runway in the spotlight. right now one of europe's top designers is getting all at tension and for the wrong reasons.
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we'll tell you why, next.
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the sun is setting over hong kong. we're live from here and also from london. this is "world business today." on the eve of paris fashion week's ready to wear shows, the name on everyone's lips is john galliano but not for the reasons he'd want. new video appeared on the website of britain's "the sun" newspaper, appearing to show the designer using racist language. after the incident, galliano was brought in for questioning by the police. but he denies the allegations. let's take another look at the stock markets. here in europe they've been trading for just under two hours. shares generally trading up off
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the back of gaines on wall street yesterday. the london ftse up 0.37%. investors will be keeping their eyes on nationwide house data. the dax is also up, 0.75%. the paris cac is up and the zurich smi up 0.75. how did it look in asia today? >> by the close of play, emily, pretty good, i can tell you. we got a nice boost, picking up where wall street left off. the nikkei, quite a nice gang, oil prices easing back, giving investors reason to be a little bit less cautious in asia this session in a way they were quite cautious on monday. that also the beginning of the weekend, very tentative steps given the situation, the ongoing changing situation in libya. people very much watching the oil markets quite closely. shanghai moving up nicely. we had bits of economic data for people to focus on in china. and most of that leading to a
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pretty good move to the upside. but a fraction lower in sydney. a reminder for you, if grou want to comment on any of the news in today's program, get in touch with us, in fact with the whole of the team, go to facebook.com/cnnwbt. that's it for "world business today." we'll be back at 2:00 p.m. london time, 10 p.m. in hong kong, 9:00 a.m. in new york. stay with cnn. -- captions by vitac -- www.vitac.com
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